US Federal Budget Deficit Widened in First 8 Months of Fiscal 2018

WASHINGTON--The U.S. government's budget deficit widened in the first eight months of the fiscal year, reflecting lower revenue from corporate taxes combined with ramped-up government spending.

The deficit, or the difference between the amount of money the federal government spent and what it took in, totaled $532.24 billion in October through May, the Treasury Department said Tuesday. That was 23% more than the deficit of $432.85 billion during the same period a year earlier.
Tuesday's report showed the federal budget deficit was $146.80 billion in May, 66% wider than the same month a year earlier. Government revenue fell 10% last month compared with a year earlier, while spending grew 11%.

Corporate income taxes from October through May were about 25% lower than the first eight months of fiscal 2017, pulling down revenue.

Over the same period, individual income-tax collection rose. Much of this period reflected the months before a tax cut passed in late December took effect. Individual income taxes fell to $92.5 billion in May from $104 billion a year earlier.

5. The real news is a bit different.

The deficit was predicted to be rather larger than last year's under the conditions extant in May '17, which were those left behind by Obama.

The deficit was to hit $1 trillion per year by 2022.

That's news to most people, to be honest.

But it's old news for some.

The real news is that the deficit increase is large than projected. Not that most news sources will frame it that way or say what the increase against projection is. They're happy leaving their readers with a misunderstanding, because it's a truthie misunderstanding.